Question

The comparative balance sheet of Yellow Dog Enterprises Inc. at December 31, 20Y8 and 20Y7, is...

The comparative balance sheet of Yellow Dog Enterprises Inc. at December 31, 20Y8 and 20Y7, is as follows:

Dec. 31, 20Y8 Dec. 31, 20Y7
Assets
Cash $47,870 $58,960
Accounts receivable (net) 73550 79490
Merchandise inventory 105070 98520
Prepaid expenses 4280 2990
Equipment 214030 176520
Accumulated depreciation-equipment (55,650) (43,290)
Total assets $389150 $373190
Liabilities and Stockholders' Equity
Accounts payable (merchandise creditors) $81,720 $78,000
Mortgage note payable 0 111,960
Common stock, $1 par 13,000 8,000
Paid-in capital: Excess of issue price over par-common stock 180,000 105,000
Retained earnings 114,430 70,230
Total liabilities and stockholders’ equity $389,150 $373,190

Additional data obtained from the income statement and from an examination of the accounts in the ledger for 20Y8 are as follows:

Net income, $113,150.

Depreciation reported on the income statement, $27,010.

Equipment was purchased at a cost of $52,160, and fully depreciated equipment costing $14,650 was discarded, with no salvage realized.

The mortgage note payable was not due for six years, but the terms permitted earlier payment without penalty.

5,000 shares of common stock were issued at $16 for cash.

Cash dividends declared and paid, $68,950.

Required:

Prepare a statement of cash flows, using the indirect method. Use the minus sign to indicate cash out flows, cash payments, decreases in cash, or any negative adjustments.

Yellow Dog Enterprises Inc.
Statement of Cash Flows

For the Year Ended December 31, 20Y8

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